Indianapolis Times, Volume 47, Number 308, Indianapolis, Marion County, 4 March 1936 — Page 11

It Seems to Me HEffIMMJN ON A TRAIN FOR CHICAGO, March 4.—1 find that I got on this train by mistake, and if there is any convenient stopping place I am going to get right off and go home. It's all on account of a resolve I made a fpw days ago to quit being a mere secluded commentator and to try to be a reporter again. And you could even leave out the A few personality sketches of the leading Republican candidates seemed a good idea. And in order

to write about the budget balancer one certainly should go to Kansas. The column would be headed “Landon From the Land of Landon.” Still Kansas is tough going in winter, what with its drifting snow and prohibition. I understand that the St. Bernards who came to rescue frozen travelers carry little kegs of sarsaparilla. And so I decided to go to Chicago and see Frank Knox. Unfortunately, I failed to tell him I was coming, and now that the train is well beyond Albany it develops that he is in Arizona.

9 ~ T /'vk *

Heywood Broun

Before embarking I naturally supplied myself with all the available information on the colonel. It is contained in a clip sheet issued by the Frank Knox for President Committee. u A Son of Depression “'T'HE Story of Frank Knox. Part I—Newsboy A and Young Wage Earner.” I had read just one sentence. The thumbnail biography begins—‘‘Frank Knox is a child of depression.” I quit that to read the weather reports. “He was born on New Year's Day, 1874, in the Dorchester section of Boston, Mass., in the midst of the depression of 1873.” How I wished I had brought along “The Woollcott Reader!” “His family suffered then as all others did. As a youth of 19 he lost his job as a traveling salesman in Michigan in the panic of 1893. He tasted the bitter bread of unemployment. Jobless, he worked his way through college by spading gardens and other manual labor.” Somehow I can’t seem to read sad stories on railroad trains. It came so vividly before my mind. Col. Knox, who may one day be President, engaged in manual labor! Can’t you see him yourself —the sturdy little fellow weeding the onion bed in order to have a crack at freshman economics? And what a pity the weeds didn’t hold out! a a a He's W ithout Fear, It Seems AT this point I skipped a little in order to get to the happy ending. But 10 paragraphs farther down I found: “His first job, at the age of 11, was carrying newspapers. He got up at 3 o’clock in the morning to deliver 100 newspapers to subscribers; pay, $1.25 a Week.” I wondered whether it was the motion of the train. When I last left the colonel he was 19 and working his way through college. Then I realized that this was one of those trick biographies which went backward, like that play by Kaufman and Hart last season. I feared that it would all end up in a final chapter about Frankie Knox getting the colic. And so I turned to briefer fare entitled “Frank Knox Said”—short straight-from-the-shoul-der paragraphs: “To dress, to act, to order our household and our lives by how it looks, by the opinions of others and to make an impression, betrays a shallow mind and a weak character.” Col. Knox said that ’way back in 1904 in the Sault Ste. Marie News when it took true courage to enunciate such revolutionary doctrine. But he is still fighting it out on that line. I went through all the sayings, including the stirring cry of the colonel’s that he would “rather have been one of Washington’s ragged soldiers than a tory.” The man doesn’t seem to care whose toes he steps upon. He is absolutely fearless. (Copyright, 1936) New Deal's Story Told in Headlines BY RAYMOND CLAPPER w w rASHINGTON, March 4.—Volumes will be W written—and have been—about these three Roosevelt years. But isn’t the story told in these three headlines? 1. No new help given going banks by RFC in January for first time since crisis. 2. HOLC collects 90 per cent of payments due in January from nearly 1,000,000 home owners. 3. A. F. of L. reports unemployment increased more in January than in corresponding month for five years; estimated total un-

employed raised to 12,626,000. Gather up the implications of these three statements, stir well and you have in one concentrated gulp the history of the New Deal. a a a THE central idea of the new Roosevelt tax plan boils down to this: All exosting Federal taxes on corporations would be abolished. The principal one of these doomed taxes is the corporation income tax. It ranges from 12 1 a to 15

per cent on a corporation's income and is paid by thp corporation—in effect, taken out of dividends. Because this tax of 12‘a to 15 per cent is taken out of your dividends before you are paid by your corporation, you have hitherto been allowed to deduct such corporation dividends from your taxable Income, so far as the normal 4 per cent tax is concerned. You paid incomes taxes on your corporation dividends only in your surtaxes. That all goes out under the Roosevelt plan. ana Instead, corporations would pay no tax on their income—except under one peculiar circumstance to be explained in a moment—and the dividends you received would be put into your taxable income and there taxed on the present schedule that you are charged on your other inoome. That is, you would be relieved of the 12 1 2 to 15 per cent tax on your corporation dividend, which you probably didn't realize because it was taken out at the source. And you would go on paying your regular income tax, but without being allowed to deduct your corporation dividends from that portion of your income liable to the normal tax. a a a NOW here is where the exception, mentioned a moment ago, comes in. Many corporations have held back on dividends, allowing thrir earnings to pile up in surpluses. Treasury officials estimate that such earnings, held back from stockholders, and often called undistributed earnings, will total $4,500,000.000 this year. Several reasons induce corporations to hold back undivided earnings. But the one which best illustrates the point Roosevelt has in mind is this: Suppose you own a big slice of a corporation. If you collect your dividends you may find yourself with such a large income that you will be paying 30 or 40 per cent personal income tax on it. Why not let it lie in the pile? It will be safe. You won't have to pay the high income tax on it. a a a THERE is grim, retribution in this. Until the Supreme Court intervened, agricultural relief was financed out of AAA processing taxes which were paid by consumers of textiles, bacon and bread. Those taxes were killed at the instance of corporations that didn’t want the farmers to be regimented. Under this new plan, the cost of financing agricultural relief, or "soil conservation," would be shifted from the humble consumers to corporations and their heavy stockholders. Thus demonstrating, as one Treasury official dryly observed, that agriculture still is a matter of national concern, i * I

channels leading to towns" in New Jersey, the Bronx, West- not know what* time. He knet :hester, Brooklyn, Queens and Long Island were threatened a^miiiior during the last two weeks of FrPP7,incr wintpr that, forrpd t.ViP rioast Onavd’s IPP hrpnkprs 1 *■* * / sleen the shin srrnanpfi sn in t,h

Little sung are the heroes of the Coast Guard. Yet when winter’s ice maroons a town, when reefs rise before a battered ship, when storms rip beaten sails, minds turn to the Coast Guard. From modest flies and reticent men a writer has drawn a series of stories on the organization's thrilling exploits. The first follows: BY WILLIAM ENGLE Times Special Writer YORK, March 4.—lce blocked the Hudson River. The East River was a patch of the Arctic. The upper bay was jammed with floes, and the private ferry line from Brooklyn to Staten Island was frozen in. Newark Bay was ice-bound, and 50 miles of shallow channels leading to towns in New Jersey, the Bronx, Westchester, Brooklyn, Queens and Long Island were threatened by the long-continued cold. The Coast Guard was on the spot. To the Coast Guard fell the duty to break open and keep open the waterways through which 11,000,000 people in the metropolitan area receive most of their fuel supply. It was this emergency during the last two weeks of freezing winter that forced the Coast Guard’s ice breakers and cutters into the public mind. But what was not brought

to the public mind was the enormous complexity, the daring and the strangeness of Coast Guard Service the year around. Along the coast line of the United States, Alaska, Puerto Rico and Hawaii, in stations ashore and in patrolling vessels, the Coast Guardsmen move daily through dramatic routine. They bring babies, save seals, burn great mounds of dead men, pull teeth, snip tonsils, clip appendices adjudicate family trouble without use of shotgun. tt tt tt THEY launch a surf boat when there is not a cnance in five of coming back, they marry lovers and separate those who do not love each other any more, and always there is a Costom signal light ready along the shore and a breeches buoy not l'ar away. It does not seem to matter much now, in 1936, that the beginning of the Coast Guard was in 1797, when the first cutters nosed down the bay to look for pirates. But Commander Stephen S. Yeandle, of the New York district said that he thought of something that does matter. “It is this,’’ he said. “Wherever along the American coast there is a dangerous reef or shoals or rocks you’ll find the patrol and there’ll be a cutter ready when the patrol light flares. Here they are: Four hundred and sixty-one commissioned officers, 101 cadets in training in a four-year course at the Coast Guard Academy at New London, 770 chief warrant officers, 8754 enlisted men, 277 civilians. That is a personnel of 10,360. They have 37 big cruising cutters, 151 patrol boats, and 24 harbor craft such as go to the Normandie in the Narrows. That makes 212 boats. There are 277 stations, too, and 18 seaplanes. tt tt tt AND what do they do? Instead of statistics here are some items: ITEM—“Dit dit dit, dar dar dar, dit dit dit.” It was the Morro Castle. For the first time the truth, so hard to find, is here. The City of Havana did stand by. The Andrea F. Luckenbach did* stand by. The Monarch of Bermuda did stand by. They brought into New York 157 survivors—and where was the Coast Guard? Who heard about the Coast Guard that day? All the Coast Guard did that bitter morning was to risk death 20 times and literally from the heavy seas lift 96 of the 157 who lived to remember the strange pleasure voyage and tow the boats in which 70 more were huddled. ITEM—There were eight who jumped down to life from the schooner Capt Horn. They had give up hope, all of them, before the Coast Guard patrol in the hurricane off Point Isabel, Tex., saw their weaving lights. For two days and two nights they had drifted and there was no God in the sky. The wind blew hard and there was no God anywhere. Then John Mokerrie, walking his sandy beat against the wind, saw the blur of them, lurching against a horizon not quite so dark as they were, and he fired a Coston light, a flare cutting the murk to let them know he was on his way. He ran, and within seven min-

Clapper

ATTORNEY \ sQ*'

BENNY

The Indianapolis Times

utes, at midnight, a crew from his station put out in a lifeboat into what looked like a cauldron. A cross-wind made the little boat ship heavy, racing combers. Sometimes it rode across a crest and almost turned a backward somersault. From shore it seemed lost in the waste. But it got to the Cape Horn. It slithered alongside and took off one man. It did it again and took off another. It did it time and again until finally the captain jumped down to life.

WASHINGTON, March 4. Andrew W. Mellon, “greatest Secretary of the Treasury since Alexander Hamilton,” has just received a break in his $3,000,000 tax evasion suit. Charles M. Trammell, a member, of the Board of Tax Appeals trying Mellon’s case, has resigned. Trammell appeared to be siding against Mellon. Suddenly he received an offer from the du Ponts to defend a tax case for them against the government. Most of the Board of Tax Appeals were appointed by Mr. Mellon during his term as Secretary. Three members of the board were selected to hear his case: Ernest H. Van Fossan, Republican appointee of Mellon’s; Bolon B. Turner, Roosevelt Democrat, and Trammell, Democratic appointee of Mellon’s and the brother of Senator Trammell of Florida.

U. S. Owes Loan Made to American Revolutionists

BY NED BROOKS Times Special Writer WASHINGTON, March 4. Heirs of a Polish financier who have been trying for a century and a half to get the government to settle its last debt of the Revolutionary War will have to wait a while longer, it appeared today. A few weeks ago Rep. Hess (R., O.) introduced a bill directing payment to two great-great-granddaughters of Haym Salomon, whose personal fortune was borrowed by the Colonial government to finance the struggle for independence. Historians and geneologists have pronounced the claim valid, but the bill is gathering dust in the House Committee on War Claims. The committee chairman, Rep Hoeppel (D., Cal.), withdrew from participation in House affairs after his conviction on a charge of selling a West Point appointment. No other member of the group has been willing to assume responsibility for calling the committee together in his absence. a a a REP. HESS believes that while Congress is wrestling with the job of paying off debts of the World War, it should give some attention to settling older obligations. Had compound interest been accumulating over the years in which efforts have been made to get a settlement, the claim today would amount roughly to threequarters of a billion dollars. Rep. Hess and the claimants, however,

WEDNESDAY, MARCH 4, 1936

ITEM— In a lonely lighthouse on Rock Island off the Coast of Oregon, the keeper got word that Mrs. Scutt’s time had come; the pains were gripping her every five minutes; and no doctor anywhere. He telephoned Seattle. In 14 minutes a Coast Guard cutter plowed out the Columbia River Bar from Astoria, with a surgeon aboard. ITEM—Eleven died. They froze to death or starved or drowned. But Capt. Bob Bartlett, who knows as much as any one about the Arctic, with eight other white men, two Eskimo men, an Eskimo woman, two little girls and a black

Washington Merry-Go-lound BY DREW PEARSON and ROBERT S. ALLEN

AS THE hearings progressed it became apparent from their questions that Van Fossan definitely favored Mellon, Turner definitely did not, and that Trammell, who held the balance, also edged toward the anti-Mel-lon side. But suddenuly Trammell received an ofler to become counsel for the Almours Securities Cos, Jacksonville, owned by the du Ponts, in a suit brought by the government to collect $2,061,021 of taxes. Trammell informed Morgenthau of the offer, indicated that he would like to accept it, but that if Morgenthau thought he should remain to finish the Mellon tax case, he would do so. Morgenthau indicated that the opinion of any one who had re-

are willing to forgo the interest if they can get the principal, which several times has been recommended for payment by congressional committees and other agencies. The present claimants are Mrs. George B. Newland and Mrs. Preston Longley, both of Cincinnati. Haym Salomon’s part in the revolution is well known to history. Five years ago a book by Charles Francis Russell was published, devoted entirely to the career of the Polish Jew who once was sentenced to death for his sympathy with the Colonial cause. a a a SOME of the records were destroyed when the British burned the Capitol in the War of 1812 but enough of them remain, in the opinion of many historians, to clinch the validity of the claim. As far back as the thirtieth Congress there are records of attempts by heirs to collect the loans. In 1864 a House committee termed the claim “one of undeniable merit.” But it went no further. Haym Salomon, born of poor parents in Poland, came to America in 1772 and built up a fortune as a broker. He was imprisoned in 1776 for revolutionary activities but released to act as an interpreter for the Hessian troops, many of whom he persuaded to desert the British cause. He was rearrested in 1778 as a spy and sentenced to death, but escaped by bribing a guard. Rebuilding his fortune, he turned it over to the Revolutionists. He died in 1784, practically penniless.

cat, came back. The Coast Guard brought them. That was the time when the ice above Point Barrow closed in upon Vilhjaimur Stefansson’s exploration ship, the Karluk, crushed her, sank her and piled up an iceberg on her grave. It was Sept. 23, 1913, in the morning when the Karluk, held in the Arctic pack, began to move with it, began to buckle as the ice pressed her hull, began to be lost 60 miles north of God-forsaken Herald Island. It was Jan. 11, 1914, at 7:15 p. m., when the forced voyage ended in the midst of white desolation.

ceived such a flattering offer could not help out be prejudiced on the case he was trying, and told Trammell to go ahead with his du Pont plans. This leaves a tie of one-to-one between the two remaining members. The case now goes to the full Board of 12, most of them Mellon appointees. But since the case is extremely voluminous, totaling 10,000 pages of testimony and 1000 exhibits, no member who did not sit through the hearings can possibly ramiliarize himself completely with it. Betting odds, therefore, are that Uncle Andy will keep his $3,000,COO. tt a tt Senator Couzens SENATOR COUZENS of Michigan, arch-inquisitor of Mr. Mellon when he was Secretary, is much interested in the matter. So are other Senators. Two points interest them. One is the position of Mr. Trammell in representing the du Ponts in a tax claim before the board of which he was a member. The other is the question of whether Mr. Mellon or Frank Hogan, his attorney, induced the du Ponts to tempt Mr. Trammell away from the Board of Tax Appeals. This question will be difficult to answer. But while one of the Merry-Go-Rounders was questioning Mr. Trammell about the situation, his telephone rang. “Hello, Frank,” said Mr. Trammell. “Yes, Frank, I’m getting out. I’m clearing my desk now.” The name Hogan was not mentioned. tt tt a Court Reaction Henry Wallace is keeping a sharp check on correspondence from the hinterland. He wants to know exactly what the public thinks of the Supreme Court, and of his criticism of it. Out of the first 500 letters received after the court ordered processing taxes returned, Wallace found that 7o per cent opposed the court, 30 per cent favored it. The letters came in thickest after Wallace nad characterized the order as a “legalized steal ” Here are some excerpts: From Kirksville, Mo.—“ People around here like your backbone.” From Brooklyn, N. Y.—“ You took an oath to support the Constitution of the United States. Ybu should either live up to it or resign.” From Goshen, Ind.—“ Keep your tail up, strength to your arm, and God bless you.” From Rome, Ga.—“lf you are not satisfied with our form of government, you had better go to Russia where you belong ” (Copyright. 1936. by United Feature Syndicate. Inc.)

Capt. Bob Bartlett CAPT. 808 knew it was only a matter of time. Only he did not know what time. He knew they were going down, that there was not a chance in a million. So he made ready to abandon ship. Provisions, rifles and ammunition were prepared against exposure to the elements. The Eskimo woman sewed watertight, warm skin clothing for all hands. The best marksmen went out across the ice on hunting expeditions—but it was hard to sleep, the ship groaned so in the clasp of the pack. Then, in January, she began to crackle, as though guns were being fired, and in the evening it happened. “Abandon ship!” Capt. Bob cried, and they all got off—to stand cold and sad, watching the ice crush the Karluk, fill her with water, sink her with her ensign flying, and then close solidly over the place where she went down. They built houses on the ice, houses made of boxes of hard bread and sacks of coal, reinforced with canvas and snow, and they called their vicinity Shipwreck Camp. Capt. Bob knew, however, they could not stay there long and survive. Wise in the perils of the North, he devised his program deliberately. He established food supply bases out across the ice. He charted the way across hundreds of miles of ice to the mainland. a a a BUT he did not make the start for civilization before his party was cut in half. Dr. A. F. Mackay, Oceanographer James Murray, Dr. Henri Beuchat and Seaman S. S. Morris by special permission, but against the advice of their commander, made an independent try for the shore on Feb. 1, 1914. They were inexperienced in ice travel. They did not know the of buckling ice, of wide pressure ridges through which it is necessary to hew a path; they did not know how to cope with open leads of water nor how to take care of themselves during a protracted blizzard. That was the last of them. Another party of four set out later and came to an open lead of water. That was the last of them. But finally Capt. Bob and the main party reached Herald Island, then Wrangell Island. Eight lives had been given in the 100mile trip over the ice, and the Siberian shore lay 110 miles south. The captain decided not to risk the lives of the whole party in the next stage; he took with him only one man, Kataktovich, an Eskimo, and in 17 days they made the coast —with 600 miles still ahead of them before they might speak for help. They made those m les, too, and then at last they got word to Capt. C. S. Cochran, on the bridge of the Coast Guard’s veteran ship, the Bear. a a a ‘/AN the whole,” Capt. Bob v-/ said later, “it seemed to me that it would be a matter of singular interest for the Bear to rescue the Karluk survivors as she had rescued the Greely party 30 years before, on the other side of the continent.” The Bear tried. Capt. Bob was right when he said, “I’d been told Capt. Cochran wasn’t afraid to put his ship in the ice.” The Bear tried four times to land at Wrangell Island. But the ice pushed her back, the polar pack kept her away. She had to head back to Nome for coal, and then Capt. Cochran nosed her into the ice again. That time she won. Capt. Cochran found that while he had been coaling another ship, the King and Wing, had cruised 600 miles out of her way and had reached the stranded crew; from that little vessel he took off Capt. Bob’s men, the Eskimo woman, the two little girls and the black cat. After that he waited for the next: “Dit dit dat, dar dar dar, dit dit dit.” TOMORROW: The Wreck of the Robert E. Lee.

By J. Carver Pusey

Second Section

Entered as Peoond-Clas Matter at PontoKfr. Indianapolis:. Jnd.

Fair Enough isiNmiftt PRAHA. Czechoslovakia. March 4.—Mine host at the moment is a fat Bohemian with bristles on his neck and scalp and a voice like a strawberry crate being knocked to pieces with an ax. Hus name is Sroubek. and he was a boyhood friend of the late Tony Cermak, Bohemian youth who went to Chicago as a handkerchief emigrant, became Mayor, and returned to the old country to Invite the adulation of the home folks and. incidentally, to undertake a little business. Mr. Cermak was a man of

vision who foresaw repeal of prohibition, and it was his idea to make a deal for the Chicago agency of Pilsen beer. Then, as we all know, Mr. Cermak went down to Florida in the winter of 1932 on another dual mission. He took himself to Miami to meditate on the sufferings of his unemployed amid the drifts and wintry gales on the southern shores of Lake Michigan and, incidentally, to buttonhole Franklin D. Roosevelt, Presidentelect, to ask him what about those jobs for the deserving Democrats of Illinois.

Then a sad mishap occurred. An insane Italian bricklayer, suffering from pains in his middle, somehow blamed Mr. Roosevelt and began popping away at him with a pistol just at the moment when Tony Cermak was drawing alongside, beginning to ask Frank what about those jobs. So they laid poor Tony in his grave. a a a Sophisticated Reserve IN discussing Mr. Cermak with waiters who spent more or less time toiling in American speakeasies during the prohibition era I discovered a certain sophisticated reserve. They acknowledge, of course, the acumen of a bandanna emigrant who arrived in the promised land without money or friends and came along to be Lord Mayor of the second American city, but they also knew something about the general mechanics of Chicago’s municipal politics and something rather particular about the gambling, bootlegging and other underworld interests of the city whose support was invaluable in the rise of their fellow countryman. So, excepting the faded photograph of Mr. Cermak hanging on the turn of the grand staircase with dust on the frame, local pride and the memory of his achievement were thoroughly controlled. The Czechoslovaks are much more proud of old Thomas Masaryk, who gave them a country and only recently retired from the presidency, to which he was called by acclamation at the Versailles conference. Perhaps If Tony Cermak had happened along about 20 years earlier they would have thought more of him, but, you may understand, he accepted a heavy handicap when he invited comparison between his own achievements and those of Thomas Masaryk. The comparison is particularly hard at the present moment, for one of the most popular books in the book stores which abound in Praha is a curious biography of the old man written by a local journalist named Karel Capek (pronounced Chapek), who wrote a couple of very good plays in the few years just after the war. a a a A Path in the Grass ONE of the shows was known as “R. U. R.” or “Rossom’s Universal Robots”; the other as “The World We Live In,” more familiarly called the insect play. Mr. Capek’s insect play was a strange story in which all the actors impersonated beetles, gnats, butterflies and two tribes of warrior ants—the reds and the blacks. It was not a very good play for the actors, for in their dehumanized form on the stage they had no opportunity to strut their handsome profiles or wave their hands in graceful gestures, but it was one of the greatest dramas of our age and time, for it wound up in a world war between the red and the black ants over a dispute about the pathway between two blades of grass. It was strange to hear the man who wrote the insect play insist that there was no immediate danger of war in this part of the world, considering Czechoslovakia sticks into the Germans’ country like a pistol jabbed deep into their ribs. With hostile Poles on the north and a seditious German minority constantly poisoning the country under Hitler’s instructions and pay, it seems positively dangerous to be a Czech today. But Capek reminded me of their anti-aircraft batteries on the hills outside the town and the strength of Russia and France and the little entente, forgetting, apparently, that his country lies in the pathway between two blades of grass.

Gen, Johnson Says—

WASHINGTON, March 4. AAA has started to subsidize flour exports! It is a thundering reversal among astonishing contradictions. The Democratic platform condemned Farm Board “speculation” and “the unsound policy of restricting agricultural products to the demands of domestic markets.” Said the Republican platform: “We will support any plan which will help to balance production against demand,” and it approved the Farm Board's disastrous purchases. The Democrats, immediately upon election, began “restricting agricultural products” and speculating in more farm commodities than the Farm Board ever dreamed. The Republicans then castigated their own policies (thus pilfered) as devices of the devil. Meanwhile, the relief plan which farmers had demanded for 12 years—price-raising on the domestic market by a subsidy of exports and no holding of farm products—was neglected by both parties. Finally, Congressman Marvin Jones forced through a law setting aside 30 per cent of customs receipts to subsidize farm exports. AAA opposed that bitterly. The Administration condemned it as “dumping.” Now, by a complete about-face, AAA is using this device. It is the first time it has done anything that adds up in all directions to make sense. This back-track, belated though it be, is the only answer. Thus far it has been tried on but one small foreign market for flour. It must also be applied quickly and in a big way to cotton, or the cotton-raising states may awake, arise and rend these tinkering sappers of 55 per cent of their total market limb from figurative limb.

A Liberal Viewpoint BY. DR. HARRY ELMER BARNES

THE major intentional contribution of Mr. J. P. Morgan to economic and social science during the late Nye investigation was his statement that if we destroy the leisure class we shall destroy civilization. It was implied by Mr. Morgan, and has been directly charged by A1 Smith and the Liberty League, that it is the Roosevelt Administration which is ruining our leisure class. I would refer Mr. Morgan, Mr. Smith and the Liberty League to the excellent book by Ernest D. McDougall on “Crime for Profit" (Stratford Press) and especially to the admirable and cogent chapter therein by David H. Jackson on “What Are Financial Rackets? Mr. Jackson punctures the illusion that it has been mainly the very rich who have lost as a result of the collapse of finance capitalism. The speculative mania preceding 1929 made countless honest, but innocent, men and women victims of downright fraud. Others entered the dignified marble halls of Wall Street, hoping to win when playing against the loaded dice of ‘‘insiders." When the banks turned brokers, depositors lost around $5,000,000,000 before things got back to "normalcy" in the betaking world,

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